AUSTRAC reluctance to haul people into witness stand a ‘moral hazard’

Hannah WoottonColumnist

Updated Jul 11, 2023 – 5.51pm, first published at 1.10pm

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Key Points

Why it matters: AUSTRAC is attempting to penalise wrongdoing by casino majors
Crown Resorts says it cannot pay the $450 million penalty at once
The Federal Court said the interest-free payment plan devalues the fine

The nation’s financial crimes agency is in danger of being a “soft touch” because it has always reached an agreement with companies found to have acted inappropriately, the Federal Court has warned.

Reluctantly signing off on a $450 million penalty for Crown Resorts’ “very egregious” breaches of anti-money laundering laws on Tuesday, Federal Court judge Michael Lee suggested that AUSTRAC’s record in settling cases rather than litigating put it at risk of being played by wrongdoers.

Hannah Wootton is a Rear Window columnist, based in Melbourne.